MNW - Manawa Energy

[Panda-NZ-]

Manawa Energy (MNW) - the woke version of Trustpower after the sell-off of it's retail business to Mercury and it's Australian renewable generation assets.

https://www.rnz.co.nz/news/business/445193/mercury-nz-plans-to-buy-trustpower-s-retail-business-for-441m

Infratil still owns 51% of this enterprise. Some thoughts on its investability?

[huxley]

Manawa Energy (MNW) - the woke version of Trustpower after the sell-off of it's retail business to Mercury and it's Australian renewable generation assets.

https://www.rnz.co.nz/news/business/445193/mercury-nz-plans-to-buy-trustpower-s-retail-business-for-441m

Infratil still owns 51% of this enterprise. Some thoughts on its investability?


Seems to trade at a reasonable pe compared to the other power companies, forward pe of 23.21 with growth from new generation. Have to view it as part of Infratil’s global renewable portfolio.

[bottomfeeder]

Have to view it as part of Infratil’s global renewable portfolio.

Is renewable energy valuable. You would think that with the move to renewable energy as being a new gold standard, it's value would be enhanced and reflected in the SP. Instead when the retail arm is sold for presumably fair value, the SP falls by more than $2. I feel the transition to green energy to save the world from climate change is not valued.

[Toddy]

Ift would be fully aware of the lower ROE in renewables investment in Nz versus it's international portfolio.

This is probably why Trust power and now Manawa have not received large capital investment over the years comparative to the rest of their portfolio.

[huxley]

Is renewable energy valuable. You would think that with the move to renewable energy as being a new gold standard, it's value would be enhanced and reflected in the SP. Instead when the retail arm is sold for presumably fair value, the SP falls by more than $2. I feel the transition to green energy to save the world from climate change is nor valued.


I can remember buying Tilt Renewable shares for ~$1.30 before Infratil tried to buy the whole company for $2.30ish per share, they were only able to increase to 65% ownership. That was a few years before they sold Tilt for $8.00 in 2021.

I guess the market didn’t value the transition then either..

[Sideshow Bob]

https://www.nzx.com/announcements/421486

Highlights
• EBITDAF from continuing operations ($78m) and underlying earnings ($39m) up 11% and 13% respectively;
• Profit from continuing operations up 38%;
• Profit after tax down 86% after last year’s one-off gain from the sale of the Trustpower retail business of $349m;
• Generation volumes up 14% to meet market demand ahead of planned outage at Waipori;
• Landholder agreements or options in place for more than 950MW of new solar and wind projects;
• Pipeline of new development projects includes Kaihiku Wind Farm (announced Oct 2023), Ototoka Wind Farm (new), Hapuakohe Wind Farm (new), and expansion of Argyle Solar Farm (announced May 2023);
• Good progress with refurbishment and replacement programme across key hydro assets, set to deliver an ongoing annual uplift of more than 78GWh by 2028;
• New sustainable finance framework established, Green Bonds now comprise more than 80% of the company’s debt;
• Interim dividend of 8.0 cents per share to be paid on 1 December 2023, up from 7.5 cents last year.

[shareman]

MNW is a solid, underrated company

[bottomfeeder]

MNW is a solid, underrated company

Have to agree, but if the SP was and unfortunately is a gauge of the success of a company MNW is a dog. Lost 40% of value over such a short period of time and not looking to recover that anytime soon.

[777]

Have to agree, but if the SP was and unfortunately is a gauge of the success of a company MNW is a dog. Lost 40% of value over such a short period of time and not looking to recover that anytime soon.

Along with a lot of others on the NZX.

[bottomfeeder]

Along with a lot of others on the NZX.
Yep our market is depressed. MNW SP dropping even though promising results.

[shareman]

I just think it's general market sentiment why they're dropping and they're also seen as one of the weaker generators which I don't believe is fair as they have alot of geographic diversity

[kiora]

Excuse my ignorance
Where did all the power go then?

"Manawa’s generation increased 14% to 1110GWh and electricity sold to customers declined 8% to 536GWh"

[percy]

Two Brokers.
Two different views.
Craigs.Underweight.Price Target $4.22
Hobson.Outperform.PT $7.90.

[bottomfeeder]

Two Brokers.
Two different views.
Craigs.Underweight.Price Target $4.22
Hobson.Outperform.PT $7.90.
WTF. They are not even close to eachother.

[winner69]

WTF. They are not even close to eachother.

Craig’s guy probably that ex Genesis manager in past life …so industry expert

[Sideshow Bob]

https://www.nzx.com/announcements/428413

Independent power producer and renewable energy developer Manawa Energy (‘Manawa’) advises that the company’s EBITDAF for the year to 31 March 2024 is likely to be in the range of $142m to $147m, above the previous guidance range of $120m to $140m. Capital expenditure guidance remains unchanged at $65m to $80m.

The revision is driven by several factors, including an increased focus on operating efficiencies and value capture, favourable energy trading conditions in Q3 and Q4, and relatively strong irrigation demand. It is contingent on there being no material events for the remainder of the financial year.

Manawa has also continued to progress and expand its pipeline of renewable development options, with the following milestones achieved in recent months:

• secured resource consent from the Marlborough District Council for the previously announced Argyle Solar Farm (~28MWac), adjacent to its Branch River hydro power scheme in Marlborough. Manawa is currently preparing a resource consent application for an expansion of the Argyle Solar Farm up to ~65MWac that is expected to be lodged in early FY25; and

• secured land options for a potential 100MW wind farm opportunity in Marlborough, along with a ~200MWac solar opportunity in the Mackenzie Basin, taking Manawa’s secured pipeline of wind and solar options to more than 1.2GW.

[bottomfeeder]

Let's hope this takes the SP to Hobsons choice of $7.90.

[huxley]

EBITDAF from continuing operations of $145m (up 6%)

Fully imputed final dividend of 11 cents per share (to be paid on 14 June 2024), lifting the full year ordinary dividend to 19 cents per share.

https://api.nzx.com/public/announcement/431301/attachment/418726/431301-418726.pdf

[Filthy]

pretty solid result (as expected). they should get a DRP going to help retain some of the divie cash in the business - plus would also help with stock liquidity. have to pay for that pipeline of more than 1,200MW (to be developed) somehow, so would be a good way to help fund growth alongside the bonds.

[huxley]

Yeah I don’t know if a DRP is likely given the two largest shareholders, but they’ve mentioned the dividend policy is going to be reviewed with a view to align this with their new business model.

[RTM]

Yeah I don’t know if a DRP is likely given the two largest shareholders, but they’ve mentioned the dividend policy is going to be reviewed with a view to align this with their new business model.

Hard to know what that meant. Had to look further back in the announcement to see what an IPP was. When I did...well, I really wasn't much wiser.

[Filthy]

IPP = Independent Power Producer. Assume this is because they are not a public owned (or part owned) 'Gentailer'

[huxley]

Spark sign PPA with GNE


https://www.nzherald.co.nz/business/genesis-signs-up-spark-to-take-lauriston-solar-power/3S7GMRJVOJDFNMSDAVQVAY3DHA/

[bottomfeeder]

Trading Halt! Any ideas? Hope it's a takeover hope it's not a liquidation, haha, oh no.

[huxley]

Interesting that IFT has not been put in a trading halt.. maybe the trust is selling out?

[bottomfeeder]

Interesting that IFT has not been put in a trading halt.. maybe the trust is selling out?

Or taking it to100%. But good point, will keep an eye on IFT.

[bottomfeeder]

No movement on IFT SP.

[Southern Lad]

Trading Halt! Any ideas? Hope it's a takeover hope it's not a liquidation, haha, oh no.

Are they exposed to the very high spot electricity prices we are seeing this week?

Interesting that the trading halt request hasn't been released as yet.

[huxley]

Manawa has requested this trading halt to allow it to reconsider its earnings outlook, which is
likely to be lower than the earnings guidance announced to the market on 20 May 2024 as a
result of:
(1) the likelihood that a provision will be necessary as a result of the uncertainty regarding
recovery of a customer receivable; and
(2) adverse market conditions in the wholesale energy markets.

https://www.nzx.com/announcements/435775

[bottomfeeder]

Not good news!

[winner69]

Manawa has requested this trading halt to allow it to reconsider its earnings outlook, which is
likely to be lower than the earnings guidance announced to the market on 20 May 2024 as a
result of:
(1) the likelihood that a provision will be necessary as a result of the uncertainty regarding
recovery of a customer receivable; and
(2) adverse market conditions in the wholesale energy markets.

https://www.nzx.com/announcements/435775

Some industriy player can’t pay their bills …..pulp mills can’t afford to operate because of outrageous energy costs ….. NZ is stuffed

[winner69]

Not good news!

…but good news for you bottomfeeder ….another punting opportunity

[huxley]

Some industriy player can’t pay their bills …..pulp mills can’t afford to operate because of outrageous energy costs ….. NZ is stuffed

And this is supposed to be a defensive infrastructure investment!

[huxley]

NZX is up .48% so far today, electricity generation sector is under preforming based on current listed power companies (and IFT) share prices today (excluding GNE!).

[Greekwatchdog]

Some industriy player can’t pay their bills …..pulp mills can’t afford to operate because of outrageous energy costs ….. NZ is stuffed

NZ Inc has been F**KED for years. Its all coming home to roost now.

[winner69]

F24 EBITAF WAS $145m.


Guidance given F25 in May was $130m-$150m

Wonder what what expectations are now

[bottomfeeder]

…but good news for you bottomfeeder ….another punting opportunity

Yes, but what is going to be the best buying price. Now comes the hard part.

[bottomfeeder]

Some industriy player can’t pay their bills …..pulp mills can’t afford to operate because of outrageous energy costs ….. NZ is stuffed

Looked up the latest liquidations, cant see any company that would use wholesale power. Any ideas out there. Maybe a receivership, which means there is a potential to recover doubtful debt.

[percy]

Looks as though one broker's research out this morning is now out of date.?
Manawa Energy (MNW) $4.28 $5.25 27.4% OUTPERFORM

[bottomfeeder]

Looks as though one broker's research out this morning is now out of date.?
Manawa Energy (MNW) $4.28 $5.25 27.4% OUTPERFORM

My wife keeps quoting what brokers recommend. I keep telling her most of them offer up in hindsight. She was moaning at me when major broker were saying right up to the big day that retirement villages were done, and I was still buying. Within a week OCA up 50% as well as ARV.

[frostyboy]

Looked up the latest liquidations, cant see any company that would use wholesale power. Any ideas out there. Maybe a receivership, which means there is a potential to recover doubtful debt.

FY24 Annual report has trade receivables at $33m, compared to FY23 $24m
<a href="https://imgbb.com/"><img src="https://i.ibb.co/M7KzCyj/Mawana.jpg" alt="Mawana" border="0"></a>

"Manawa Energy also supplies around 600 Commercial and Industrial customers with electricity."
https://www.manawaenergy.co.nz/key-investor-information

[Toddy]

Alarm bells ringing loud across NZ as we are now well and truly in another energy crises.

Im a little scared about where this could lead our country and are unsure on how to best hedge the increasing costs.

Are there going to be any winners here. If so, who will they be?

[Toddy]

IFT has probably already instructed Manawa to put any planned capital expenditure on fancy wind farms on ice to preserve cash and keep debt levels under control.

[whatsup]

I bet this is a first for any generator in the history of N Z , so much for deregulation of the electricity in order to introduce industry efficiencies !!!!

[ronaldson]

I bet this is a first for any generator in the history of N Z , so much for deregulation of the electricity in order to introduce industry efficiencies !!!!

I suggest the current deficiencies are significantly attributable to Jacinda (gas exploration ban) and historic Tiwai Point prevarication by Rio Tinto (electricity market investment uncertainty). Combine these factors and we are where we are just now.

[Toddy]

Maybe ban electric cars for a while so that we can get the grid demand under control.

[Lego_Man]

For a single customer to be material to their earnings, would have to be a LARGE consumer of electricity.

Is the delay until Friday, to allow said entity to fulfil their continuous disclosure obligations before Manawa announce?

The first thing i thought of was Synlait or someone going under and owing Manawa money.

[Toddy]

Good point.
No rumours in the Kiwifruit Industry.
Rumours around Rockit Apples over the last couple of months. Use massive coolstorage.

[Jaa]

I suspect the downgrade will be caused more by the second item "adverse market conditions in the wholesale energy markets." than the first "recovery of a customer receivable".

Considering Manawa only have wholesale and commercial customers with demand that probably doesn't exceed their own generation this is a bit weird.

Did those whizz kids at Infratil encourage Manawa to do a bit of gambling in the electricity markets to juice profits?

[huxley]

I suspect the downgrade will be caused more by the second item "adverse market conditions in the wholesale energy markets." than the first "recovery of a customer receivable".

Considering Manawa only have wholesale and commercial customers with demand that probably doesn't exceed their own generation this is a bit weird.

Did those whizz kids at Infratil encourage Manawa to do a bit of gambling in the electricity markets to juice profits?

That’s what I was wondering, how could they lose out in this market when they are long generation!

[frostyboy]

I suspect the downgrade will be caused more by the second item "adverse market conditions in the wholesale energy markets." than the first "recovery of a customer receivable".

Considering Manawa only have wholesale and commercial customers with demand that probably doesn't exceed their own generation this is a bit weird.

Did those whizz kids at Infratil encourage Manawa to do a bit of gambling in the electricity markets to juice profits?

I will be surprised if we get quantified the split between i) and ii)

For ii) I was thinking that hydro dams owned by Contact and Manawa had less rain recently. As a result prices are up but produced quantities are much more lower.

[winner69]

NZ should have gone nuclear years ago

[bottomfeeder]

I see major power users are complaining that power prices are too high. Anyone would think the shareprice of MNW was skyrocketing. Not!

There are a couple of timber companies groaning that they will have to close down. Winstone and Oji to name two. I would think that they would have sufficient assets to pay to creditors on a liquidation. I would think they are doing a "Rio Tinto". Always moaning and groaning and threats to close down to get the price of power down, but never do close down. I certainly hope thats it. In which case the debt will not be bad after all. But I believe Manawa has been blackmailed into lowering prices.

What a curve ball, thrown at us.

I think that when the trading halt stops it will be oversold, so a good chance to nab a quick bargain to turn around.

Oh the power of positive thinking, I am starting to believe my own conclusions.

[mfd]

When Mercury bought Trustpower retail, they also contracted some of their generation for a number of years, starting to reduce from FY25 until FY31. Maybe they were unable to supply the contracted power themselves and had to buy elsewhere? I haven't looked into it in great detail, but there's some information in here:

https://api.nzx.com/public/announcement/374217/attachment/348616/374217-348616.pdf

[winner69]

Genesis downgraded guidance by ~10% a month or so ago

Wonder how much Manawa down?

[percy]

Manawa Energy Limited provides updated earnings guidance
8/08/2024, 10:13 NZST, MKTUPDTE
Manawa Energy Limited (Manawa) acts as a wholesale intermediary for an electricity retailer which is in default of its payment terms with Manawa. As a result, it has become necessary for Manawa to provision for a potential bad debt on this contract. This arrangement is unique within Manawa, and it does not have similar arrangements with any other party.
Manawa will today terminate the Electricity Supply and Services Agreement with the electricity retailer. This will allow Manawa to immediately initiate steps to reduce the risk of further exposure. Manawa will work to recover as much of the outstanding debt as possible.
Manawa is also being impacted by electricity market conditions. In particular, the extended dry and calm sequence experienced for a number of months is having a significant impact on the generation volumes from Manawa’s hydroelectricity schemes and is also reducing the electricity volumes provided to Manawa under the wind Power Purchase Agreements. Purchases of any energy shortfalls to meet its contractual supply commitments are occurring at extremely elevated prices relative to historic norms.
Manawa now expects EBITDAF(1) for the year to 31 March 2025 to be in the range of $95M to $115M. This compares to the previous earnings guidance provided in May 2024 of $130M to $150M. Approximately half of the change in earnings guidance is due to the provision for the potential bad debt.
This revised earnings guidance is underpinned by the following assumptions:
• Hydro generation volumes of ~1,713GWh – below previous forecast volume of 1,880GWh, accounting for year-to-date production, current low storage levels and a gradual return to long-run inflow expectations for run-of-river assets and rescheduling of some larger outages associated with key assets to mitigate the impact of market conditions on FY25 production levels;
• FY25 wind PPA offtake volumes of ~600GWh – below previous forecast volume of 650GWh, driven by low volumes in the year-to-date and a softer outlook for the remainder of August;
• Current ASX forward pricing is reflective of actual spot pricing across the period;
• No material adverse events; and
• ~$6.5M of new development opex.

(1) EBITDAF (Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Movements of Financial Instruments, Asset Impairments and Discount on Acquisition) is a non-GAAP financial measure but is commonly used within the electricity industry as a measure of performance as it shows the level of earnings before the impact of gearing levels and non-cash charges such as depreciation and amortisation. Market analysts use the measure as an input into company valuation and valuation metrics used to assess relative value and performance of companies across the sector. EBITDAF does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.

Investor enquiries:
Phil Wiltshire
Chief Financial Officer
Ph 027 582 6600
investor.relations@manawaenergy.co.nz

[Lego_Man]

Manawa Energy Limited provides updated earnings guidance
8/08/2024, 10:13 NZST, MKTUPDTE
Manawa Energy Limited (Manawa) acts as a wholesale intermediary for an electricity retailer which is in default of its payment terms with Manawa. As a result, it has become necessary for Manawa to provision for a potential bad debt on this contract. This arrangement is unique within Manawa, and it does not have similar arrangements with any other party.
Manawa will today terminate the Electricity Supply and Services Agreement with the electricity retailer. This will allow Manawa to immediately initiate steps to reduce the risk of further exposure. Manawa will work to recover as much of the outstanding debt as possible.
Manawa is also being impacted by electricity market conditions. In particular, the extended dry and calm sequence experienced for a number of months is having a significant impact on the generation volumes from Manawa’s hydroelectricity schemes and is also reducing the electricity volumes provided to Manawa under the wind Power Purchase Agreements. Purchases of any energy shortfalls to meet its contractual supply commitments are occurring at extremely elevated prices relative to historic norms.
Manawa now expects EBITDAF(1) for the year to 31 March 2025 to be in the range of $95M to $115M. This compares to the previous earnings guidance provided in May 2024 of $130M to $150M. Approximately half of the change in earnings guidance is due to the provision for the potential bad debt.
This revised earnings guidance is underpinned by the following assumptions:
• Hydro generation volumes of ~1,713GWh – below previous forecast volume of 1,880GWh, accounting for year-to-date production, current low storage levels and a gradual return to long-run inflow expectations for run-of-river assets and rescheduling of some larger outages associated with key assets to mitigate the impact of market conditions on FY25 production levels;
• FY25 wind PPA offtake volumes of ~600GWh – below previous forecast volume of 650GWh, driven by low volumes in the year-to-date and a softer outlook for the remainder of August;
• Current ASX forward pricing is reflective of actual spot pricing across the period;
• No material adverse events; and
• ~$6.5M of new development opex.

(1) EBITDAF (Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Movements of Financial Instruments, Asset Impairments and Discount on Acquisition) is a non-GAAP financial measure but is commonly used within the electricity industry as a measure of performance as it shows the level of earnings before the impact of gearing levels and non-cash charges such as depreciation and amortisation. Market analysts use the measure as an input into company valuation and valuation metrics used to assess relative value and performance of companies across the sector. EBITDAF does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.

Investor enquiries:
Phil Wiltshire
Chief Financial Officer
Ph 027 582 6600
investor.relations@manawaenergy.co.nz

Wonder who the retailer is?

[bottomfeeder]

Wonder who the retailer is?

Could be Energy club nz. Recently sold 11600 customers to contact. I wonder what they did with the proceeds. Hopefully they pay Manawa, if it's them.

[Dlownz]

Wonder who the retailer is?
For the amount in millions owed they have to have a lot of customers.
Electric kiwi is the first that springs to mind
Then flick electric and third octopus energy
Sounds like someone won't be around much longer or just absorbed by manawa maybe

[Jaa]

Sounds like Manawa had to lump some poor contracts to get the retail sale to MRP away at a good price. A dry year should not be causing them to buy on the spot market.

Startup and small electricity retailers are always high risk as Gentrack found out and are best left to the big guys with surplus generation.

This is the second NZX company IFT have left knackered after Z Energy. Should we now treat IFT with the same suspicion as private equity?

[huxley]

https://newsroom.co.nz/2024/08/08/prime-energy-working-through-manawa-payment-default/

It’s Prime Energy :)

This bit was interesting:
Other power retailers had been pleading for the company to be identified, saying they were all coming under suspicion until the company is named.

[Dlownz]

https://newsroom.co.nz/2024/08/08/prime-energy-working-through-manawa-payment-default/

It’s Prime Energy :)

This bit was interesting:
Other power retailers had been pleading for the company to be identified, saying they were all coming under suspicion until the company is named.

Well there you go. Completely wrong and a company I'd never heard of. Thank you Huxley

[mistymountain]

NZ should have gone nuclear years ago

I raised NZ Baseload Energy Risks with Green Party and Fisher Funds years ago.

I flagged concerns their Policies focused on renewables and ESG were commercially and socially naive.

I suggested Nuclear to get them Thinking...

[Aaron]

Shane Jones says the industry needs govt intervention, I wonder if he knows that he has the controlling vote for the large gentailers. I heard on the radio that they spend twice as much on dividends as they do on new supply.

Not sure how a dividend cut will affect Nicola's budget. Also Tiwai was in doubt until recently so new supply would not have been an issue if they closed. I am glad they stayed open it would be good if NZ could utilise its hydro advantage.

I hope Meridian is not still spilling water to keep prices up.

Sounds like Jacinda's decision to ban all further gas and oil exploration was a dumb one. I had heard we are also importing coal now, not sure whether we have thermal or coking coal or both here in NZ.

[maclir]

I raised NZ Baseload Energy Risks with Green Party and Fisher Funds years ago.

I flagged concerns their Policies focused on renewables and ESG were commercially and socially naive.

I suggested Nuclear to get them Thinking...

A decent sized plant would be hugely expensive, all over the world costs are blowing our for nuclear plants. CBA v renewables is looking very poor.

[Lego_Man]

Nuclear is great, but not for NZ especially with our geologically unstable environment.

NZ will be able to get through with increased use of Geothermal (amazing clean baseload), a bit of solar combining both with grid scale storage batteries. We just haven't properly looked at the technology yet.

[kiwical]

Yes, nuclear really isn't feasible here. Not only with our earthquake/tsunami risks. But public perception as well. Can you imagine the protests? Heck it's difficult to dig a hole for Gold let alone build a nuclear power plant. Many Big Euros are decommissioning nuclear and not building more. Germany, Sweden, Belgium.....

There are always innovations coming in power generation, but in the immediate term I think the answer lies partly with household generation via solar. I'm sure those who have been to Australia will see how it plays out there. On my last visit to Perth I would say at least half the properties had solar. And that was 8 years ago. A govt. subsidised path to increasing private solar uptake would be a big step forward.

[Toddy]

Yes, nuclear really isn't feasible here. Not only with our earthquake/tsunami risks. But public perception as well. Can you imagine the protests? Heck it's difficult to dig a hole for Gold let alone build a nuclear power plant. Many Big Euros are decommissioning nuclear and not building more. Germany, Sweden, Belgium.....

There are always innovations coming in power generation, but in the immediate term I think the answer lies partly with household generation via solar. I'm sure those who have been to Australia will see how it plays out there. On my last visit to Perth I would say at least half the properties had solar. And that was 8 years ago. A govt. subsidised path to increasing private solar uptake would be a big step forward.

From what I've read Nuclear is definitely on the table in Australia and will become the next election issue..

[kiwical]

From what I've read Nuclear is definitely on the table in Australia and will become the next election issue..I guess their advantage is a more stable landmass that doesn't wobble every other day. Not to mention vasts tracts of otherwise waste land to site it. Not In My Backyard Syndrome would be a serious obstacle to overcome here. Especially North Island. Only possibility I can think of in the North Island is perhaps central plateau region.

[Jaa]

It is also a matter of size, how do you replace 2000mw of base load when it needs maintenance? Thus you need at least two which most of the time will run at 50% capacity. Not very efficient.

Every power crisis people suggest nuclear without reading or learning about why NZ rejected it the 1950s! Same reasons still valid.

[workingdad]

Shane Jones says the industry needs govt intervention, I wonder if he knows that he has the controlling vote for the large gentailers. I heard on the radio that they spend twice as much on dividends as they do on new supply.

Not sure how a dividend cut will affect Nicola's budget. Also Tiwai was in doubt until recently so new supply would not have been an issue if they closed. I am glad they stayed open it would be good if NZ could utilise its hydro advantage.

I hope Meridian is not still spilling water to keep prices up.

Sounds like Jacinda's decision to ban all further gas and oil exploration was a dumb one. I had heard we are also importing coal now, not sure whether we have thermal or coking coal or both here in NZ.

Tiwai uncertainty also resulted in a hesitance to invest in more generation capacity given the risk of oversupply. Personally I would have loved to see the bluff being called and have them pack their bags rather than the recurrent drawn out process played out

[maclir]

From what I've read Nuclear is definitely on the table in Australia and will become the next election issue..

I think it's hot air from Dutton. It's a pipe dream that couldn't start contributing for 20 odd years. Trump-lite at work.

[nztx]

Shane Jones says the industry needs govt intervention, I wonder if he knows that he has the controlling vote for the large gentailers. I heard on the radio that they spend twice as much on dividends as they do on new supply.

Not sure how a dividend cut will affect Nicola's budget. Also Tiwai was in doubt until recently so new supply would not have been an issue if they closed. I am glad they stayed open it would be good if NZ could utilise its hydro advantage.

I hope Meridian is not still spilling water to keep prices up.

Sounds like Jacinda's decision to ban all further gas and oil exploration was a dumb one. I had heard we are also importing coal now, not sure whether we have thermal or coking coal or both here in NZ.


That's true - Govt have controlling stakes in three power generators - wonder if Shane man can handle all three energy wrigglers at once ? ;)

[maclir]

That's true - Govt have controlling stakes in three power generators - wonder if Shane man can handle all three energy wrigglers at once ? ;)

Shane doesn't have a clue. If the Gentailers stopped paying so much dividend and invested, it would be in renewables and Shane would have another conniption.